Fintech startup Revolut just raised $66 million and is already launching new features. Starting today, you can generate your own IBAN for Euro transactions. This way, you can receive your salary directly on your Revolut account for instance.
While you could already top up your Revolut account with a regular bank transfer, Revolut only had one bank account to receive all your Euro transfers. It would then credit your Revolut account thanks to the transaction reference and the senders name. But Revolut still remains a digital wallet at heart.
Now, everybody can get their own IBAN and hand it out to their employer, cash out money on PayPal, Lydia or any peer-to-peer payment app and more. And if youre trying to transfer money from your existing bank account to your Revolut account, its less confusing and more reassuring.
Setting up an IBAN only takes a few seconds. You have to tap on the top up button, then on bank transfer. If you select your Euro balance, you can get your new IBAN. If you havent confirmed your identity yet, Revolut will ask you to scan your passport or drivers license.
Those IBANs are based in Lithuania. While theres a European rule that says that employers and financial services cant discriminate based on the bank account origin as long as its part of the Eurozone, some services dont let you add foreign IBANs. So if you dont live in Lithuania, you may encounter a few issues.
Revolut already launched a similar feature for your GBP balance back in February. The startup doesnt currently support direct debits, but its planned.
This feature is going to be quite useful if youre a British student moving abroad for an internship, or if youre a freelancer with clients working in multiple currencies.